A lot of people own vacant property, and most of these individuals do not purchase property insurance for the land they own. After all, insurance is designed to cover structures on the property and not the property itself. While this is true, insurance does not only offer coverage for structures. Instead, it also offers other types of coverages, including liability coverage, and this is very important to have for a vacant property.

What is liability coverage?

Liability coverage is something that comes with any type of home or property insurance policy. It is a unique type of coverage because it does not cover actual assets. Instead, liability coverage protects land and homeowners against lawsuits that might arise. If you get sued for something that happens on your property, you might end up paying the settlement out of your pocket if you do not have insurance. If you have insurance, on the other hand, your liability coverage would pay the settlement instead of you coming up with the money out of your pocket.

Why would you need liability coverage for vacant land?

There are a number of situations that could lead to people suing you for incidents that occur on your vacant land. The first is if a person is walking on your land and falls and gets injured. Even if you did not give the person permission to be there, there is a chance this person could sue you for damages, simply because the incident took place on your property.

It's also important to know that if you give people permission to go on your property to do things, they could sue you if they get injured. For example, if you own a 10-acre wooded parcel of land and give someone permission to hunt there, this person could sue you if he or she gets hurt while hunting on your property.

People who ride ATV equipment on your property could also sue you if they get hurt. If you allow people to hike or wander on your property, they too could sue you if injuries occur while they are there.

How can you get the right protection?

If you are worried about this at all, you could easily solve the problem through a property insurance plan. Property insurance is very affordable for vacant land parcels, simply because the insurance really only offers liability coverage. This insurance would come in handy if something happened on your land that led to injuries. You can buy a property insurance policy by contacting an insurance company in your area, like All Risk Insurance Group.